A recent study has indicated to Simon Morris the commercial property investment in the North East of England increased significantly in the third quarter of 2015.
The revitalisation of the UK’s economy has lifted its commercial property market to new heights. Its office, industrial, retail and alternative sub-sectors have attracted increased volumes of investment throughout the first three quarters of this year.
Carter Jonas’ recent analysis of PropertyData statistics suggests that almost £50 billion of transactions were completed in the nation’s commercial property market in the first nine months of this year. The firm went on to predict that investment volumes would exceed £70 billion by the end of 2015.
North East market
Business Quarter Live reported that research from consultancy Lambert Smith Hampton (LSH) found that £12.8 billion was invested in UK commercial property in the third quarter of 2015 alone. Broken down, these figures suggest that £184 million was invested in the North East of England’s commercial property market during the same period.
The number of commercial property transactions conducted in the North East was significantly higher in Q3 2015, at 24, than the same quarter of the year before, at nine. If we look at the figures by sub-sector, we see that 37% of investment went to the North-East’s retail market.
Evidence of buoyancy
LSH director Bill Lynn, who leads the firm’s office in Newcastle, commented on the release of this data. He said: “The substantial increase in the volume of investment into the North East in the last quarter is clear evidence of the buoyancy and attractiveness of the region’s commercial property market.
Lyn went on to note: “We continue to see increasing investor confidence in the North East, particularly from UK investors, and we would expect this to continue into 2016.” A study from the Royal Institution of Chartered Surveyors shows that its members expect UK commercial rents to climb in 2016, according to City A.M.
The results of this study clearly indicate that the North East of England’s commercial property proved an attractive asset class during the previous quarter. The decreasing supply of commercial space in London could explain this trend – as commercial property in regional UK cities can offer corporate tenants with more effective value for their money.
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